Rolet could earn 5.2m from LSE job
XAVIER Rolet, the chief executive of the London Stock Exchange (LSE), could take home up to £5.2m in his first year in the role, according to he exchange’s annual report, published yesterday.
The company’s annual report gave the City its first glimpse of the deal that enticed Rolet take on the job of tackling increased competition and declining trading volumes.
Ex-Lehman Brothers France boss Rolet officially started as chief executive on 20 May, taking the reins from Clara Furse, who had been in the position for over eight years.
Rolet’s package includes a base salary of £650,000 – £110,000 more than Furse’s – pension contributions worth £162,000, a long-term incentive award of £1,300,000 in shares and up to £3.1m in annual bonuses, made up of cash and shares.
On the difference between Furse and Rolet’s basic salaries, an LSE spokesperson said many factors had been considered when determining the new chief’s salary.
“There has always been a policy at the LSE of keeping the base salary slightly below the median,” he said. “But when you are out in the market looking for the best candidate, you have to pay what is appropriate.”
The price may seem high considering that Rolet was out of work when the LSE signed him up. But the LSE was keen to point out that “being out of work is not the same thing as being without opportunity.”
Furse herself took home a package worth £1.3m and a substantial share package in her last year.
Last month, Rolet vowed to fight newcomers hoping to take market share from the exchange, and said he would not rule out consolidation with other companies nor the launch of new trading platforms.